Israeli solar developer Teralight is seeking to launch in the UK, in quest of 180 MW of PV projects.
In the second of today’s stories featuring blue-and-white national flags, the developer issued publicity via Israel’s embassy in London, announcing its intended expansion in a ‘famously rainy country.’
Seeking to debut in a nation now with more than 14.6 GW of generating solar PV, Teralight claims a record of around 750 MW of solar projects amassed since 2017.
The company has a speciality in delivering low carbon power to moshavim, Israel’s 254 co-operatives of usually privately owned small farms, pioneered by Zionist settlers during the days of the British mandate before independence. It also has a majority holding in KST, an EV charging operator.
Teralight was recently licenced by Israel’s electricity regulator to retail power to homes and businesses. Last year it floated on the Tel Aviv Stock Exchange, having received a 120 million shekel/£26.7 million investment from Leumi Partners.
In Ireland, according to its website, Teralight is engaged in due diligence related to buying 185MW of solar projects. It envisages an 85% holding.
Overseas Teralight owns 75% of a 258 MW project due for completion next year in Alberta, Canada, plus an option to buy another project of 400MW.
In relation to British entry Teralight plans, – in the words of its release – “to invest in solar power projects in the UK at various stages of development. During the first phase, the company conducts due diligence on a portfolio of projects with a scope of 180 megawatts”.
“Teralight will seek collaborations with two local entities operating in the UK, which have significant experience in the field. They will partner with Teralight to invest some of the required capital and co-manage the operations”, in the release’s words.
In high-voltage electricity storage, the firm recently teamed up with BLEnergy, an offshoot of the Blilious Group, to develop, finance and construct projects in Israel and Europe.
Teralight’s CEO Rani Lifshitz – pictured above – observed; “Britain has one of the largest electricity markets in Europe, and the country has adopted legislation to completely eliminate greenhouse gas emissions by 2050.”
According to Lifshitz, Teralight sees “great business potential, (leading to) significant activity in the UK in coming years.
“Further, our entry into the field of energy storage is an important milestone in our transformation into a full-fledged electricity supply company for businesses, homes, and other consumers”, he said.